Iran has created a safe corridor for vetted vessels in the Strait of Hormuz, while Yanbu sees a surge in Saudi crude exports amid regional tensions.
Iran has established a 'safe' corridor for vetted vessels transiting the Strait of Hormuz, while Saudi crude exports from Yanbu have surged amid regional attacks, reports London's Lloyd's List.
At least nine ships have used the corridor routed via Iran's Larak Island, where IRGC Navy and port officials visually check vessels. Several governments, including India, Pakistan, Iraq, Malaysia, and China, are negotiating transit plans directly with Tehran.
Lloyd's List Intelligence recorded 15 transits between March 15 and 17, with about 90 percent linked to Iran through trade or ownership. India- and Pakistan-owned ships have also passed eastbound, while Chinese vessels are broadcasting their identity to avoid attack.
The closure of Hormuz has diverted tankers to the Red Sea, with Yanbu becoming the primary outlet for Middle East Gulf crude. Liftings averaged 3.4 million barrels per day in the week ending March 15, more than double pre-war levels but still below the port's 7 million bpd capacity.
Fujairah loadings have plummeted after drone strikes disrupted operations at the UAE port. Vortexa data showed volumes fell 66 percent in the week to March 15 compared with the previous week.
Meanwhile, ship recycling sales have risen as owners dispose of older bulk carriers. Rising bunker prices, up 40 percent in two weeks, are adding financial pressure on owners.
